Gloucestershire-based Richard Read (Transport) is to close its transport business at the end of the month because it can no longer see a way to run it profitably.
In a post on Facebook the haulier said: “It is with a heavy heart we announce that Richard Read (Transport) is to cease trading.
“During the last 18 months we have made valiant efforts to restructure the business and focus attentions on our core activities of transport and pallet network services.
“We have been successful in growing our customer base, boosting volumes and increasing sales. Unfortunately, the financial results of trading in 2018 have been very disappointing largely due to shrinking margins and a rising overhead.
“Despite the positive growth, it remains a constant battle to be competitive whilst at the same time running decent trucks, attract and keep a skilled workforce and remain compliant with all legislative requirements of the haulage industry,” the statement said.
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It added that its forecast for 2019 suggested a similar outcome and that the firm is not in administration or insolvent.
“The decision is based on a very real understanding of our business and the marketplace and a strong desire to exit while we are ahead.
“There are no words to fully define our gratitude to the people that have made this company what it is since its founding. It has been so much more than a job for many people; a community and a way of life for many.
“Our employees both past and present have always been our finest asset and will have much to offer their new employers as they further their careers,” the statement goes on to say.
It adds that the firm’s Authorised Testing Facility will continue to operate until at least the end of May.
Richard Read Holdings, which owns the transport company, recorded a turnover of £5m in the year to 30 April 2017 in its most recently published accounts compared with £5.2m a year earlier.
After several years of profitability it recorded a loss of £35,683 in the same period (2016: £159, 216 profit).
It holds an O-licence for up to 45 vehicles and 52 trailers at its Longhope depot. The directors of the firm are Richard Read, Brenda Herring and Kay Read.
Richard Read (Transport) moved from Pall-Ex back to UPN last year, taking on coverage of the Hereford and Gloucester postcodes for the pallet network.
A spokesman for UPN told motortransport.co.uk that the pallet network would be announcing who would be covering the postcode area that is set to be surrendered by Richard Read (Transport) nearer the time.
Image: Shutterstock
